European gas prices fall 5.2% as markets await US response to Iran conflict

European gas prices fell by around 5.2% as traders awaited the next steps from the United States in the ongoing conflict with Iran.

On Wednesday, European natural gas prices had surged by more than 4%, surpassing €100 per megawatt-hour for the first time since 2022.

Despite the recent increase, prices remain below the 2022 peak of €345 per megawatt-hour. Growing reliance on renewable energy is expected to limit the impact of higher gas prices on electricity bills.